Apartment Market Rebounds Modestly
The amount of available rental apartments in the 50 biggest U.S. markets
declined to 6.7 percent during the second quarter--the first time the
vacancy rate has fallen since the fourth quarter of 2000, a Reis Inc. study
shows.
Reis CEO Lloyd Lynford attributes the drop in part because net absorption
surpassed the amount of newly built rental units added to the market during
the three-month period ended June 30. Consequently, Reis has lowered its
full-year vacancy-rate forecast from 7.4 percent to 7.1 percent, also
factoring in what researchers expect will be an improving jobs market in
many areas.
Mark Obrinsky, chief economist for the National Multi Housing Council, adds,
"Some markets have no doubt seen building in excess of the likely demand
increase in those areas, but overall, the level of new construction seems to
be reasonably well-suited to demand over the intermediate- to long-term."
Source: Wall Street Journal
(07/07/03); Smith, Ray A.
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